Iranian Foreign Minister Javad Zarif and his counterparts of the six involved world powers announced Thursday a breakthrough in negotiations over Iran’s nuclear programs that  Zarif called “a major step forward” and “a gain for all parties concerned.” Iran has agreed to restrict its nuclear capacity in exchange for lifted international sanctions.

“We have stopped a cycle that was not in the interest for anybody,” Zarif said at a press conference Thursday in Lausanne, Switzerland. “I hope that at the end of this process we will all show that through dialogue and engagement and dignity, we can in fact solve problems, open new horizons and move forward.”

Frederica Mogherini, the European Union high representative for foreign affairs, said Iran has agreed to take part in international cooperation by not producing nuclear weapons and converting its nuclear capacity into areas for research. Iran has also agreed to allow the International Atomic Energy Agency (IAEA) to monitor the provisions of the agreement, which will be finalized by the end of June.

It is unclear whether Iran will store or export its stockpile of low-enriched uranium.